15.04.201402:56 Forex Analysis & Reviews: Daily analysis of major pairs for April 15, 2014

EUR/USD: On some currency trading instruments, there have been gaps at the open of the markets this week. This means there would be serious movements in the markets very soon. The gap-down on the EURUSD was followed by a southward attempt. Although the bullish outlook is still valid, it may be put in jeopardy if the gap fails to close.

USD/CHF: In contrast to what happened on the EUR/USD, this market experienced a gap-up. The gap should be closed normally after this, but the price is rather rallying, testing the resistance line at 0.8800. Should the resistance line get broken to the upside, the ensuing bullish momentum could result in the end of the bearish outlook in the market. For the bearish outlook to continue to be relevant, the price should go back to test the support level at 0.8750.

GBP/USD:  From the distribution territory at 1.6800 this pair has gotten corrected towards the accumulation territory at 1.6700 (where further bearish run seems to have been rejected). The price is trying to rally again, and it may go on to test the aforementioned distribution territory.

USD/JPY:  This pair is a bear market and the current short-term rally may be halted at the supply level of 102.00. From that point, it is possible that the price could drop.

EUR/JPY: The EUR/JPY cross has met a serious challenge at the demand zone of 140.50. The demand zone must be crossed to the downside, for the bearish outlook to continue. Otherwise, the price could rally significantly enough to threaten the extant bearish outlook.